Asian LNG spot prices have dropped below US$5 per million Btu to a four-month low as buyers hold off ahead of the Lunar New Year holidays.
According to Reuters, plans to construct a US$2 billion LNG project in the Philippines have been put on hold by backers CNOOC Gas and Power and Phoenix Petroleum Philippines Inc.
Asian LNG spot prices have fallen for a third consecutive week, in response to forecasts of a mild winter.
Asia will reportedly lead the global LNG regasification industry in capacity growth from newbuild projects by 2023, says GlobalData.
According to Reuters, low LNG spot prices are having little impact in Asian markets, while the European import market has seen a significant boost.